Australia to spend $1.4 billion on nascent renewable energy projects

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By Colin Packham2 Min ReadFILE PHOTO: Solar panels cover a robot being developed for the agricultural industry on display at a technology event at the University of Sydney in Sydney, Australia, October 6, 2016. Picture taken October 6, 2016. REUTERS/David GraySYDNEY (Reuters) – Australia will invest A$1.9 billion ($1.39 billion) over the next 10 years in nascent renewable energy technology, Prime Minister Scott Morrison said on Wednesday, as Canberra accelerates spending in a bid to revive its ailing economy.Australia slipped into its first recession in nearly three decades, while effective unemployment is expected to top 13%.Ahead of its annual budget to be delivered in early October, Morrison said it will include an allocation of A$1.9 billion for its technology investment agencies to spend on technologies such as clean hydrogen.“The government will now focus its efforts on the next challenge: unlocking new technologies across the economy to help drive down costs, create jobs, improve reliability and reduce emissions,” Morrison said in an emailed statement.“This will support our traditional industries – manufacturing, agriculture, transport – while positioning our economy for the future.”Australia is one of the world’s largest carbon emitters per capita due to its reliance on coal-fired power.While Morrison is a strong …

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